Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-04-20
The State Debt.

The State debt is an old, and in many
respects tireseme subject of discussion.-
1t has often been assumed to have been
settled, but it was not, for to every basis
adopted by three different legislatures
objections have been made,-the people
disagreeing to those of 1871 and 1917 ana a
portion of the creditors representing con-
trolling influence and backed by the United
States Courts dissenting from the last,
known as the Riddleberger plan
The great bulk of the people of the State,
including largely preponderating majority
of those who are engaged in substantial
pursuits, knowing by daily experience the
trouble and perplexity inflicted on every
business interest, are heartily tired OF the
agitation and the vexatious law proceedings
growing out of the conflict, amid the CLASH
ing views of State and Federal authority.
AS the matter stands now, the people
may be said to be almost unanimously IN
favor of the movement made by Governor
Lee and concurred in by the Legislature, to
make an earnest and exhaustive effort to
end a controversy which the longer it con-
tinues the more it will add increasing
troubles to all public interests, and clog the
way of private enterprises. 1t estranges
feelings that ought to be in harmony, and
scatters wide the seeds of discord, arraying
on opposite grounds the views and prac-
tices of citizens for maintaining the gov
eminent. As natural result, it tends to
weaken, if net to destroy the power of the
State by prolonged fight within as well as
without.
If the representatives of the English
creditors and the commission delegated by
State authority to treat in the premises can
arrive at an adjustment within our ability
to pay, which, whilst not further lowering
the sovereignty of the State in the matter
of the principle of the self-collecting inter
est-coupon which has already been con-
coded, then by all means let it be accepted
and maintained in good faith. The credi
tors represented by Sir Edward Thornton
and his colleague have given us to under
stand that they will assent to a settlement
which will not infringe the right to contro
our revenues in ample reserves for main
tanning the State Government as it may de
termine in respect to all its departments
without increasing the rate of present tax
alton. Ascertaining the amount of our in
debtedness, embracing all classes of obliga
tions, placing all on an equal footing, ant
fixing the rate of interest to be paid here
after upon the present estimates of income
which can be set aside for that purpose
the objection to re-adopting the coupon
feature should not have weight, because i
already exists and cannot be gotten rid of
Repeating that whilst the debt question
is an old and tiresome subject it has as
sumed new and more hopeful phase fo
the State than has existed in relation to i
since the war. If to settle it, it costs, il
aggregating its amount, something NOR
than the Riddleberger bill provides for, bu
at the same time inficting no create
burthen than may be just, and we are abb
to pay as specified, then why prolong thi
agitation and continue contest so fruitful
of broken hopes in the past and so unin
wiling for the future? Let the people i'm
press upon their representatives, NOW will
their constituents awaiting the expiration
of the recess when they will return for de
liberation upon this absorbing subject
the absolute necessity of settlement
= it can be obtained on the terms above in
dictated.